The Art of Collecting

Steve Roach

Steve Roach, Coin World’s editor-at-large, has been deeply involved with numismatics for more than 20 years, starting as a young coin collector in Michigan. Two years spent as a coin grader, nearly three years at a major coin wholesaler and a stint as a paintings specialist at an international auction house have given Steve a rich understanding of the hobby, its market and the unique personalities and exceptional objects that make collecting meaningful. He joined Coin World in 2006 as a columnist, and has served as associate editor and editor-in-chief. He received his bachelor of arts degree from the University of Michigan, a juris doctorate from the Ohio State University and is a Certified Member of the International Society of Appraisers.

Smart collecting leads to solid investments

One’s collecting areas can change over time. Before Leonard A. Lauder committed to his collection of Cubist paintings, he built a world-class collection of posters that he also donated to the Metropolitan Museum of Art. This one, by William Henry Bradley, dates from 1896.

One’s collecting areas can change over time. Before Leonard A. Lauder committed to his collection of Cubist paintings, he built a world-class collection of posters that he also donated to the Metropolitan Museum of Art. This one, by William Henry Bradley, dates from 1896.

Lauder advises collectors to be bold with their decisions. One must be bold if he or she hopes to acquire a rarity from Heritage’s Jan. 7 auction of the Partrick Collection, such as this 1792 pattern quarter dollar.

There is no magic answer to how
one should invest in coins to maximize profits.

Historically, the most successful coin investments have
been the result of years of careful collecting.

In the foreword, Q. David
Bowers reflects on Shippee’s advantage in the marketplace: he was
well-informed by carefully studying numismatics and by spending time
learning about coins.

Looking at the stories of people who put together great
collections in other collecting areas — collections that are often
very profitable for their owner when sale time arises — seems to
provide a universal lesson. The key to success is understanding the
material that you’re collecting.

For example, Leonard A. Lauder, an art collector whose
world-class collection of early 20th century Cubist paintings was just
gifted to the Metropolitan Museum of Art, learned everything he could
about what made a picture important.

That education informed all elements of his collecting.

In an interview, he gave advice on how to work with
dealers when trying to acquire great material: “Don’t haggle, and pay
your bills promptly, even in advance. A well-respected collector sends
the check over to the dealer by messenger as soon as the handshake is
made. That’s a good way to be first on the list.”

Shippee’s advice is similar, since developing
relationships with dealers is a key part of building a solid collection.

Seizing opportunities and educating yourself is key to
building a great, meaningful coin collection that will hopefully, over
time, prove to be a good investment as well.